Charlotte, MI Cost of Living

Charlotte cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.

A general summary of the cost of living index in Charlotte, MI is shown above. Compared to the state average of Michigan the cost of living index in Charlotte, MI is 87, which is 2% lower than the average in Michigan and compared to the national average it is 13% lower than. The cost of living index is made up of several categories. These are transportation at 9%, utilities at 10%, goods and services at 33%, housing at 30%, groceries at 13%, and health care at 5%. The bulk of the cost of living index comes from the categories of goods and services and housing. If you look at everyday goods and services they can be a good indicator in a certain city of the general costs of goods there. In Charlotte, MI goods and services come in at 2% lower than the average in Michigan and are 8% lower than compared to the nationwide average.

Did you know?

The cost of living in Charlotte is 2% lower than the Michigan average.

The cost of living in Charlotte is 13% lower than the national average.

The cost of housing in Charlotte is 33% lower than the national average.

Compare Charlotte, MI Cost of living To Other Cities

Salary Calculator

I currently make 50,000This is how much you would need to earn in Price difference in compared to

Cost of living index

Goods & Services index

Groceries index

Health care index

Housing index

Transportation index

Utilities index

Use the salary calculator to compare your current income in Charlotte, MI to any other city in the country. The calculator will tell you how much income you would need to make in a particular city to live at the same level based on the cost of living in each city. For example, if the cost of living in the city you are looking to move to is higher than that of Charlotte, MI, then you would need to earn a higher salary in order to enjoy the same standard of living. To use the Charlotte, MI salary calculator, enter the name of the new city, then move the slider to your current salary level. The salary calculator will do the rest and let you know if your salary would need to increase or decrease for the new city. You will also see a complete overview of the cost of living.

Median Income & Debt-To-Income Ratio

Median Income

Per Year

Per Month

Max Budget (28% DTI)

Max Budget (36% DTI)

Owners

$55,600

$4,633

$1,297

$1,668

Renters

$21,364

$1,780

$498

$641

A good way to judge both the affordability of the housing and the cost of living is by simply calculating the maximum that a person should spend on housing in Charlotte, MI, otherwise known as the debt-to-income ratio (DTI). The safest way to live in the city is to avoid spending more than 28 percent of the gross income that one earns on costs that pertain to housing and no more than 36 percent on all expenses and debts. Charlotte, MI has a median income of about $55,600 for people who own homes. Based on that number, a person should spend a maximum of $1,297 on expenses related to housing. Renters have a slightly different median income, which is $21,364. Based on this average, renters should spend no more than $498 on all of their rental costs if they want to maintain a non-impoverished standard of living.

Michigan Sales Tax

State

General Sales Tax

With Max Surtax

Michigan

6%

6%

Michigan Income Tax

State

Income Tax (Low)

Income Tax (High)

Michigan

4.25%

4.25%

When assessing the complete cost of living in Charlotte, MI, the Michigan income tax and the Michigan sales tax percentages should unquestionably be taken into consideration. Sales taxes aren't just levies imposed onto sold goods, but they also include taxes that are charged when services are provided for a fee. The rates are different from state to state and can run has high as 7 percent. Some states have no sales tax at all. The Michigan maximum surtax is 6%, and the Michigan sales tax is 6%. By contrast, income tax is an unfortunate obligation that is charged by the government against earnings. Just like sales taxes, the rates for income taxes differ from state to state. They also decrease or increase according to the individual's tax bracket. Tax rates can run as high as 9 percent, with a minimum of zero. Income tax rates range from 4.25% to 4.25% in Michigan.

Goods & Services

Item

Charlotte

National avg.

Difference

Haircut

$18.91

$15.56

21.5%

Beauty Salon

$28.31

$36.11

21.6%

Toothpaste

$2.60

$2.47

5.3%

Shampoo

$0.79

$0.96

18.2%

Movie

$9.53

$10.13

5.9%

Bowling

$3.79

$4.74

20.1%

Groceries

Item

Charlotte

National avg.

Difference

Ground Beef

$3.53

$3.98

11.4%

Fried Chicken

$1.20

$1.41

14.7%

Milk

$1.92

$2.06

6.9%

Potatoes

$3.18

$2.98

6.7%

Pizza

$8.10

$9.47

14.5%

Beer

$8.03

$8.79

8.7%

Health Care

Item

Charlotte

National avg.

Difference

Optometrist

$99.79

$101.04

1.2%

Doctor

$101.28

$107.44

5.7%

Dentist

$80.40

$90.42

11.1%

Ibuprofen

$7.64

$9.28

17.7%

Lipitor

$455.01

$426.50

6.7%

Housing

Item

Charlotte

National avg.

Difference

Home Price

$111,000.00

$175,700.00

36.8%

Avg. Mortgage Payment

$939.34

$1,133.23

17.1%

Apartment Rent

$689.00

$920.00

25.1%

Transportation

Item

Charlotte

National avg.

Difference

Gasoline

$2.05

$1.99

2.7%

Tire Balancing

$60.11

$45.76

31.4%

Utilities

Item

Charlotte

National avg.

Difference

All Electricity

$202.21

$163.81

23.4%

Phone

$20.05

$28.39

29.4%

Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.